AMERICAN AID.

Auckland Star, Volume LXII, Issue 201, 26 August 1931, Page 7

AMERICAN AID.

BRITISH STABILITY. Labour Organ Sees Finance Dictatorship. PRIVATIONS FOR IDLE. (United P.A.—Electric Telegraph—Copyright) (Received 11 a.m.) ' LONDON, August 25. The "New York Times" says powerful Wall Street bankers, as an indication of their confidence in the ability of the new British National Government, have announced. thaj; the Government can ' obtain substantial private banking credit in America on 24 hours , notice.

The "Daily Herald," commenting on the news from New York regarding the conference of financiers with the Governor of the Federal Reserve Bank to consider further relief for Britain, asks, "Where is patriotism in allowing the Federal Reserve Bank of New York to dictate as to further credit for the Bank of England, that British unemployment benefits should be reduced?

"The news will cause shock and alarm," the paper states, "as it amounts to the acceptance of a dictatorship of international finance and the apotheosis of power in finance is the severest blow to democratic government.

"Labourites will reject any scheme involving new privations to the unemployed. Mr. Mac Donald is walking the path to political suicide."

M ; Painleve, who has been French Minister of Finance, on which he is an authority, eays the fundament; I role which Britain plays in world finance renders.any weakening of her centuriesold credit disquieting to other nations as well as to Britain.

M. Painleve says he welcomes the closer collaboration between the British parties to solve the probleme.

The Bourse is favourably impressed with the National Government, and the markets immediately became firmer.